Written By: Kelly J. Todd and Sharon A. DeVaney
Parents of college students were surveyed about satisfaction with retirement planning and the use of retirement savings for children’s college expenses. Those who had consulted a financial adviser for retirement were satisfied with their retirement planning as were those where the husband had a pension plan. Parents with two children in college were more likely to have used retirement savings to pay for college costs. When the first child contributed less to college, parents were more likely to use retirement savings. Upper income parents were less likely to use retirement savings for college expenses. Key Words: College student expenditures, Family finance, Financial planning, Retirement, Saving
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